861 Liberty St Salem, OR 97301
- Office Properties & Spaces
- 6,297 SF
- 0.38 lot acres
Current Use by Public Records
- Office Properties & Spaces
Property Details for 861 Liberty St
- Lot size
- 0.38 lot acres
- Property size
- 6,297 SF
- Property type
- Office Properties & Spaces
Description
This exceptional investment opportunity presents a three-building assemblage located at 861 Liberty St NE in Salem, Oregon. The property consists of 6,297 net rentable square feet across three buildings constructed in 1925, 1970, and 1982, situated on a 0.38-acre lot. The property features a mix of executive office spaces, currently operating at 100% occupancy with multiple tenants across four units. The buildings boast beautiful interiors with updates and benefit from on-site parking. This stabilized investment offers a compelling 6.20% cap rate based on a net operating income (NOI) of $77,016, with an asking price of $1,250,000 ($198.51/sq ft). The property is conveniently located just north of downtown Salem, offering easy access to major transportation routes. Furthermore, its location within the Downtown Opportunity Zone presents significant potential for future development and appreciation. The current lease structure includes a mix of modified lease terms, with some leases having renewal options. The city's proposed zone change will allow for a wider variety of uses, enhancing the property's long-term value and flexibility. The property's three buildings are classified as Class B and are fully leased, providing immediate cash flow and a strong return on investment. Parcel numbers are 526611, 526612, and 526613.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Salem
- County
- Marion
- State
- Oregon
- Longitude
- -123.034
- Latitude
- 44.9481
